Short-term gains forecast, as baht strengthens in line with Asian currencies

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Short-term gains forecast, as baht strengthens in line with Asian currencies

By THE NATION

 

 

The baht opened at 30.28 to the US dollar on Monday, strengthening from 30.32 at close on Friday.

 

The Thai currency is likely to move between 30.15 and 30.35 on Monday and between 30 to 30.50 this week, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

 

The baht strengthened in line with other Asian currencies, since investors had decided to buy risk assets.

 

In the short term, Jitipol predicted that investors would continue their investments in Asian currencies, with hope of US financial policies being issued before Thanksgiving Day on November 26.

 

In the long term, Jitipol said that the financial assets of Asian countries would be more interesting for investors due to an economic recovery in the region until the next year.

 

This week, the senior director advised investors to monitor the direction of capital flight in the market.

 

Moreover, the gross domestic product (GDP) of Singapore would be announced on Monday, as well as Thailand’s customs exports data.

On Wednesday, the minutes of the US Federal Open Market Committee and the US GDP will be revealed.

 

Jitipol forecast that the financial markets would be more ready for risk. Also, the pound, he added, was the most interesting currency, after strengthening from 1.27 to the US dollar in September to 1.32 pound recently. He said the currency would continue strengthening if the UK can agree with EU countries on Brexit issues within this year.

 

The dollar index would tend to move between 91 and 93 points this week, from the present 92.4 points.

 

Source: https://www.nationthailand.com/news/30398413

 

-- © Copyright The Nation Thailand 2020-11-23

 

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[Natai Beach]

More good news. My 800,000 visa money is rising in value. My thai house is worth more USD. 
 

Awesome.

[Grumpy one]

6 minutes ago, Natai Beach said:

More good news. My 800,000 visa money is rising in value. My thai house is worth more USD. 
 

Awesome.

And your USD is going where?  

[Natai Beach]

2 minutes ago, Grumpy one said:

And your USD is going where?  

International travel.

 

I will write a letter to immigration thanking them for the win later.

 

Thousands of other expats with 4-800,000 are also winning now. 

 

 

 

[Snow Leopard]

I would prefer 800,000 in BTC or Gold just now. One Fiat currency against another Fiat currency means nothing. Its all Fugazi. 

 

 

 

[RichardColeman]

The banks plans and actions on controlling and keeping the baht low seem to be working as well as most Thai plans it appears